Slide 1: Financial Results for Q3 of the Fiscal Year Ending November 30, 2025
ELEMENTS, Inc. | October 2025 Financial Results for Q3 of the Fiscal Year Ending November 30, 2025 (FY2025/11) This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the origin
Slide 2: Financial Highlights
Highlights ⚫ Due to the consolidation of Polarify, net sales reached 1,030MM JPY (+59% YoY), Financial which was the highest quarterly number. Highlights ⚫ EBITDA (*1) landed at ▲20MM JPY and operating income was ▲153MM JPY, ⚫ adjusted EBITDA and Operating profit, which exclude M&A-related costs (*2
Slide 3: Contents
Contents 01 ｜ FY2025/11 Q3 Financial Highlights Appendix
Slide 4: 3Q Consolidated Financial Highlights
FY25/11 3Q Financial Highlights 3Q Consolidated Financial Highlights （MM JPY） From this quarter, due to the consolidation of Polarify, FY24/11 FY25/11 3Q 3Q YoY Net Sales reached 1,030MM JPY(+59% YoY) . Gross profit margin declined to 73.2% due to the consolidation of Net Sales 648 1,030 382 +59% Po
Slide 5: 3Q Consolidated Financial Highlights (Cumulative)
FY25/11 3Q Financial Highlights 3Q Consolidated Financial Highlights（Cumulative） （MM JPY） FY24/11 FY25/11 Sales reached 2,721MM JPY,(+47% YoY), driven by the 3Q 3Q YoY (Cumulative) (Cumulative) consolidation of Polarify, Net Sales 1,857 2,721 864 +47% (Identity Gross profit margin : 78.6％ （▲7.4%pt Y
Slide 6: Net Sales
FY25/11 3Q Financial Highlights Net Sales （MM JPY） YoY +59% 1,200 Sales reached 1,030MM JPY, up +26% YoY, 1,030 1,000 driven by the robust performance of LIQUID eKYC and the consolidation of Polarify. 800 648 1,018 600 400 640 200 0 FY24 3Q FY25 3Q © ELEMENTS, Inc. All Rights Reserved. 6
Slide 7: Key Topics(1) Number of implementing businesses
Key Topics(1) Number of implementing businesses ⚫ As of the end of August 2025, the total number of group-wide contracts expanded by +32 QoQ to 624. ⚫ In addition to acquiring new customers in emerging areas, we have developed new functions for existing industries such as finance and telecommunicati
Slide 8: Key Topics(2) Multi factor authentication solution
Key Topics(2) Multi factor authentication solution ⚫ We are strengthening the provision of our "Multi-Factor Authentication Solution" using FIDO authentication (passkeys) as a countermeasure against account takeovers, which have recently become a hot topic, particularly affecting major securities br
Slide 9: Key Topics(3) PMI progress for Polarify (Cost-side)
Key Topics(3) PMI progress for Polarify （Cost-side） ⚫ After the acquisition, within six months, we mainly achieved reductions in communication costs and improved personnel efficiency. ⚫ In September 2025, we began switching to our in-house facial recognition engine. Communication costs Personnel Cos
Slide 10: Gross Profit
FY25/11 3Q Financial Highlights Gross Profit YoY （MM JPY） Gross Profit +39% Gross Margin Gross profit was 754MM JPY (+39% YoY). 86.2% 800 90.0% Adjusted EBITDA margin, which exclude the 700 80.0% consolidation of Polarify, project, the gross profit 83.5% 600 70.0% margin was 86.2% improved by 2.7% Y
Slide 11: SG&A Expenses
FY25/11 3Q Financial Highlights （MM JPY） SG&A Expenses R&D G&A S&M Polarify M&A Polarify SG&A SG&A expenses have increased to 907MM JPY, 1,000 due to the consolidation of Polarify (215MM JPY) 907 900 and Polarify M&A related costs(*1) (53MM JPY), 800 719 215 700 638 648 73 53 578 Excluding the above
Slide 12: EBITDA
FY25/11 3Q Financial Highlights （MM JPY） EBITDA Consolidated Polarify M&A EBITDA (*1) was ▲20MM JPY , a decrease of 250 221 83MM JPY YoY. 200 73 ▲73 Excluding the Polarify M&A costs (*2), the figure 150 was +5MM JPY. Adjusted 91 EBITDA 100 148 63 +5 50 45 0 -50 ▲20 (*1) EBITDA = operating profit + d
Slide 13: Operating Profit
FY25/11 3Q Financial Highlights （MM JPY） Operating Profit Consolidated Polarify M&A Operating loss was ▲153MM JPY, a decrease of 150 Adjusted Operating 117MM JPY YoY. 100 Profit ▲100 50 ▲73 ▲73 Adjusted operating loss, which exclude Polarify M&A cost (*1), was ▲100MM, a decrease of 0 ▲13 30 64MM JPY
Slide 14: Consolidated Balance Sheet
FY25/11 3Q Financial Highlights （MM JPY） May 31, August 31, Consolidated Balance Sheet 2025 2025 Current Assets 3,413 3,535 ❶ cash and deposits 2,057 2,701 accounts receivable 1,097 677 Non-current Assets 2,564 2,771 Due to acquisition of Polarify, both cash and Property, plant and equipment 366 357
Slide 15: Progress against the revised Full-Year forecast
Progress against the revised Full-Year forecast ● Regarding our company’s sales and profits, there is a tendency for Q4 to be stronger compared to Q3, and progress is on track with the full-year revised forecast disclosed in July 2025. FY25/11 FY24/11 Revised forecast （MM JPY） Q3 Cumulative Result P
Slide 16: (Reference) Trend of quarterly personal identification cases
（Reference）Trend of quarterly personal identification cases For the last three years Quarterly personal identification cases in Q4 have increased by between 10% and 20% compared in those in Q3. Quarterly personal identification cases of LIQUID eKYC in Q3 and Q4 121 110 110 100 100 100 FY22 FY23 FY24
Slide 17: Contents
Contents 01 ｜ FY2025/11 Q3 Financial Highlights Appendix
Slide 18: Corporate Profile and History
Corporate Profile and History Corporate Profile History Company ELEMENTS, Inc. name ◼ LIQUID eKYC has top share of eKYC domestic market (FY 2019-FY 2024 (forecast)) (1) Present 2019 ◼ Launch of ELEMENTS CLOUD | Established December 2013 ◼ Acquisition of Shares of AD medica, Inc to Make Acceleration
Slide 19: Mid-Term Financial Targets
Mid-Term Financial Targets ⚫ As of the fiscal year ending November 2027, financial targets have been set as follows: Sales of 6–6.5BN JPY, operating profit margin of 15%, and EBITDA margin of 25%. ⚫ The net sales targets 30%+ CAGR for the five years after IPO （ MM JPY ） Sales CAGR: 30%+ Balancing Fu
Slide 20: Notes regarding the handling of this document
Notes regarding the handling of this document ◼ This document has been prepared for information purposes only. ◼ This document does not constitute an offer to sell or the solicitation of an offer to buy any securities in Japan, the United States or elsewhere. ◼ This document contains forward-looking